ICEYE, a satellite-powered disaster management solutions, has launched of its high-resolution Flood Early Warning and ongoing customer pilots of Flood Rapid Impact solutions for the UK insurance market.
These solutions will significantly increase customer resilience and reduce insurers’ financial costs of floods.
ICEYE’s Flood Early Warning system provides flood impact forecasts up to four days in advance, with detailed building-level resolution. These predictions integrate data from the respective UK country environment agencies’ flood hazard zones.
The Flood Rapid Impact service offers satellite-derived flood extent maps within 12 hours of flood onset and updates every 8 to 12 hours. This allows insurers to monitor flood insurance progression continuously.
The system employs synthetic aperture radar sensors on ICEYE’s satellite constellation, which function effectively regardless of cloud cover, continuous rain, or time of day.
By merging these two data sets, insurers gain the ability to track and predict evolving flood risks at specific locations within their portfolio. This enables them to dynamically coordinate customer resilience efforts through their supply chain, deploying flood prevention measures as needed.
Furthermore, insurers can issue targeted communications to encourage customers to take actions that enhance resilience and preserve life.
In cases where flooding occurs, field resources will be available to support customers and initiate restoration activities.
We believe ICEYE’s Flood Early Warning and Flood Rapid Impact will be transformational in the way insurers can handle floods in the UK.
Rupert Bidwell, Vice President, Insurance Solutions at ICEYE
Flood information before and during the event can be incomplete, as it is reliant on weather forecasts, models, and media – what we are providing is unique, it is the live tracking of the flood using our satellite constellation.
It means insurers can be ahead of the water and deploy resources to prevent and mitigate flood damage, and proactively support and communicate with policyholders and with communities, and ultimately reduce the rising cost and impact of floods.
ICEYE delivers unparalleled persistent monitoring capabilities to detect and respond to changes in any location on Earth, faster and more accurately than ever before.
Owning the world’s largest synthetic aperture radar (SAR) satellite constellation, ICEYE provides objective, near real-time insights, ensuring that customers have unmatched access to actionable data, day or night, even in challenging environmental conditions.